“Why on earth would coins be in short supply?”
“Reserve Banks and Federal Reserve coin distribution locations began temporarily allocating coin inventories sent to banks across the nation June 15, the Reserve said in a statement.
The COVID-19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin,” the statement said. “In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees.”
https://www.usatoday.com/story/money/2020/06/20/coronavirus-shortage-coin-supply-pennies-nickels-dimes-quarters/3230828001/
Doesn’t make much sense to me. Yes, businesses slowed down, but I’m having a hard time believing that much cash was being used by people, when a debit card or their phone is so much simpler. I use cash as much as I can, but I’m in the minority now.
My take, with tongue partially in cheek, is that the laundromat and car wash business has slowed down and the cartels are having a harder time laundering their money through these facilities than they used to.
Could also be step 1 in a fake crisis to drive us closer to digital-only transactions.
I’m sure Trump doesn’t want digital only transactions; and I’ve read about Treasury took control of the Fed Reserve but I cannot pretend I understand any of that stuff.
I’ve always taken the “California Environmentalist” attitude toward pocket change.
If it’s brown
Throw it down.
Just went to a local market in Riverside County and they have a sign saying that coins are in short supply due to the Federal Reserve. Something is going on and the powers that be aren’t telling us the true story.